Curb appeal falls short in Chinese property market

China’s latest attempt to curb rising property prices has had the opposite effect. Last month, the country’s State Council told local governments to introduce strict, new controls on residential property sales and a 20% capital-gains tax, too. The disclosure surprised the market: Shares of some listed property developers plunged.
In the short term, though, disclosing the new measures has only quickened the pace of house-price increases. Nationally, the average house price rose 3.9% year on year in March, up from 2.5% in February, according to data from property agency Soufun. Major cities saw sharper increases, with prices in Guangzhou and Beijing up 11.7% and 11.3%, respectively………………………………………..Full Article: Source